Transfer Cash ISAs Discussion Area

Ned_Kelly_3

I'm in the process of transferring my ISA from Barclays to A & L. I handed in my transfer form on March 6th. Tomorrow is May 6th and it still hasn't landed in my A & L ISA! Two months - anyone beat that?

DavieP

I shall cross the days off the calender, the email route to A & L does not seem to work, but I suspect the premium call method of contact will.

FatDickie

Ned_Kelly wrote: »

I'm in the process of transferring my ISA from Barclays to A & L. I handed in my transfer form on March 6th. Tomorrow is May 6th and it still hasn't landed in my A & L ISA! Two months - anyone beat that?

Do we therefore Lose 2 months interest!!!

I have asked Barclays the question as , until A&L process the Barclays cheque, Barclays still have hold of MY money. :mad:

Surely if we end up losing a couple of months interest it cancels out the benefits of transferring in the first place.

FatDickie

Have just spoken to A&L.

They are currently working on ISA transfers from the middle of April.

The young lady that I spoke to assured me that they backdate the interest to the date that the transfer cheque was received into their building.

Doesn't explain Ned Kelly's 2 month wait .

wooders

My 30 days is up today, however glitch re signature not matching so no money movement yet!!!

LeonW

Baldur wrote: »

Yes partial transfers of previous years' ISA funds are permitted, but current year funds must be transferred whole. Icesave and Alliance & Leicester certainly accept partial transfers, having used them for similar reasons earlier this year.

ICESAVE do NOT allow partial transfers OUT of previous year funds, they told me this after having my transfer forms for 30 days !!!. They say nothing about this in their terms and conditions, does anyone know what the regulations say or is it just up to the banks to make their own rules ????

Baldur

LeonW wrote: »

ICESAVE do NOT allow partial transfers OUT of previous year funds, they told me this after having my transfer forms for 30 days !!!.

Where did I say that they did? "Icesave and Alliance & Leicester certainly accept partial transfers, having used them for similar reasons earlier this year."

They say nothing about this in their terms and conditions, does anyone know what the regulations say or is it just up to the banks to make their own rules ????

Many ISA Managers neither accept or permit outward transfers of partial previous year's/years' ISA funds - there is no regulatory requirement that they should. The HMRC Guidance Notes say that partial transfers of previous year's/years' ISA funds are permissible "(where a manager allows partial transfer)".

gundo

My Mum's a pensioner and I sort out her finances for her. I'm trying to tidy up things for her and make her money work harder. However I stupidly advised her to max her Halifax ISA a couple of weeks ago (she had't contributed to it for years) and now checking her account it seems the Halifax are only paying 3.76% on the account!!!

I'd like to move it somewhere where it'll make more interest but how can I if I can't pay anything into a new one to open it? Can I open a new one by transferring the existing one, lock, stock and two smoking barrels into it?

Hope someone can help.

suelees1

gundo wrote: »

but how can I if I can't pay anything into a new one to open it? Can I open a new one by transferring the existing one, lock, stock and two smoking barrels into it?

It won't actually be a new ISA but simply a transfer of the whole lot to a different ISA provider.

redcar_2

LeonW wrote: »

ICESAVE do NOT allow partial transfers OUT of previous year funds, they told me this after having my transfer forms for 30 days !!!. They say nothing about this in their terms and conditions, does anyone know what the regulations say or is it just up to the banks to make their own rules ????

Did they contact you or did you contact them? I've asked them to do the same so quite concerned if they don't allow this. I have phoned up to check they got the forms OK and they didn't mention anything then...

As this is allowed by HMRC shouldn't they have something in their T&Cs if they are being stricter than is necessary?